Milestone - Land of Opportunities in Karnataka. (South India - India)

Bangalore: With more than 4,000 industrialists making their presence through 206 memoranda of understanding signed for a total investment of Rs3.29 lakh crore, the two-day Global Investors Meet (GIM) got off to a grand start on Thursday, fuelling hopes of an economic revival for not just Karnataka, but for the entire country.

The state government’s decision to conduct the GIM after a hiatus of 10 years came in for wide appreciation from the netas and corporate heads alike. Leader of the opposition in the Rajya Sabha, Arun Jaitley, who inaugurated the mega event said, “World is just emerging from economic slowdown. The timing of the GIM could not have been better, and Karnataka has presented itself as the best destination for investors as there is competition even between nations.”

Karnataka starts with an advantage with a huge chain of excellent educational institutions producing the best of human resources, abundant natural resources and favorable investment atmosphere.

With over 1,500 technology institutions and 103 research and development (R&D) centres, the state is known for its skilled human resources and is home to leading knowledge-based industries, aerospace engineering and machine tools.

Jaitley, however, asked the state government to make sure that the investment promises were turned into real projects generating revenue, employment and prosperity.

Union law minister M Veerappa Moily, endorsing the views of Jaitley, said, “After a slump, the global economy is showing signs of recovery. It is the most opportune time to organise GIM. Karnataka has the advantage and with GIM acting as a trigger for economic revival, the state should jump to the top spot in attracting investments from its present fifth position.”

Moily’s colleague in the Union cabinet, minister for food processing industries Subodh Kant Sahay was more bullish on the impact of GIM on the economy. “The whole corporate world is here today. Every sector has been taken care of. It is a milestone in the history of the country. Now, India is well on the course to come out of the economic slump.”

Chief minister BS Yeddyurappa in his address declared, “We would like to make the ‘impossible’, ‘possible’. That is how history is created. We want this GIM to result in doubling the investments and employment opportunities in the next two to three years. This will, in turn, double the state revenues in about three to four years due to accelerated industrialisation across the state.”

Yeddyurappa said he has a big dream for Karnataka. A state that is peaceful, progressive and prosperous. A Karnataka that is free from illiteracy, illness and inequality. A Karnataka that is full of opportunities for every person to dream and realise that dream.“About 100 infrastructure projects have been proposed for private investment in this meet. Among them are 18 industrial estates spanning 30-2,500 acres. We are also creating a land bank in every district to facilitate availability of land to the investors,” Yeddyurappa added.

He said the GIM would go a long way in creating new employment opportunities for students passing out of colleges. The chief minister assured the biggest gathering of entrepreneurs that his government had removed the ‘red tape’ from governance and had laid out the ‘red carpet’ for investors.